Coherent Market Insights posted an electric vehicle battery-recycling update on EIN Press Wire on 23 November 2023. This relayed progress with recycling lithium-ion electric vehicle batteries on a global scale, to reduce the impact of new mining.
Lithium-ion battery materials that resurface in second-life applications include cobalt, nickel, lithium, and graphite. These all play their part in the struggle to resist global warming.
Recycling Forecast for Electric Vehicle Batteries
The EIN Press Wire release predicts significant growth through to 2030, due to greater demand from second-life applications. Increasing pressure from sterner government regulations will add more momentum to this trend.
On the downside though – and this is a disappointment – only half the nickel and cobalt will re-enter the supply chain. The Coherent Market Insights electric vehicle battery-recycling update, thus falls well short of the 95% success rate from lead-acid batteries worldwide.
Increasing Environmental Costs Maintain Pressure
There is growing public concern regarding battery waste and the environment. This no doubt contributes to Coherent Market Insights’ projection. They expect the global electric vehicle battery recycling market will experience a compound annual growth of 28.4% through to 2030.
However, it is not clear from their report whether the lithium-ion battery recovery rate will become more efficient. It could simply be a case of more used batteries entering the market, as products age. However, the report does call for greater use of hydro-metallurgical and pyro-metallurgical processes, which provides a clue.
A Closed Loop Will Enhance Electric Vehicle Battery-Recycling
Coherent Market Insights concludes by calling for better battery-lifestyle management, leading to a closed-loop lithium battery industry. Participants need to become smarter about recycling, it says, to help EV manufacturers achieve sustainability goals.
More Information
Electric Vehicle Battery Recycling Technology
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